AUD/USD: buy target - 0.7400
By: Dmitriy Chernovolov
- AUD/USD broke resistance zone
- Next buy target - 0.7400
AUD/USD continues to rise after the recent sharp breakout of the resistance area lying between the resistance level 0.7230 (which reversed with the daily Shooting Star the previous minor corrective wave 4 in September) and the resistance trendline of the daily down channel from the middle of June. The breakout of this resistance zone accelerated the active C-wave of the intermediate ABC correction (4) from the end of September.
AUD/USD is likely to rise further in the active C-wave toward the next buy target at the resistance level 0.7400. This level reversed the pair in August and it is also the target price calculated for the completion of the active wave (4).